The Amateur Financier

(Once again, I have the pleasure of putting up a guest post here on the Amateur Financier.  Andreas Nicolaides was kind enough to write a guide to saving money on automotive insurance, something all of us who use our cars regularly could use some help with.  Hopefully, you’ll find it helpful in saving money on your insurance.)

FIVE WAYS TO SAVE ON YOUR AUTO INSURANCE

If we want to drive on the road then auto insurance is one of those things that year in year out we have to pay for, and it can be very expensive. It has been well documented recently that the price of auto insurance is in fact on the rise, here I will detail five simple ways that you can try and save money on yours.

Number 1 – Combine insurance policies

When you combine your auto insurance policy with a different insurance policy, for example your home insurance, you can often get fantastic discounts. Give your home insurance provider a call and ask if you will get a discount if you choose them for your auto insurance, you may be surprised at the deal they will offer you.

Number 2 – Higher deductibles

Your level of deductibles is the amount that you would have to pay your insurance provider to activate your policy in the event of a claim. Raising your level of deductibles can typically save you between 5 and 15%, but you
should remember that if you raise your deductible amount, the level you raise it to should be affordable and not excessive as if you want to make a claim you will have to have the cash ready.

Number 3 – Search for a better deal

The number one thing to do if you’re looking for cheaper auto insurance, is to compare as many quotes as possible, from as many providers as you can find. Doing this gives you a wider view of the options available to you, and obviously the more options you search for the more chance you have of finding a cheaper deal. To make it easier for you to find a cheaper deal, use price comparison websites that do all of the searching for you.  Examples of price comparison websites include Esurance, Progressive and Money Super Market.

Number 4 – Ring up your existing provider

A great way that you can try and save on your auto insurance is to ring up your existing provider to try and get a better deal. If you tell your existing provider that you’re thinking about switching because you think you can get a cheaper deal elsewhere, you may be surprised with what they offer you. Your provider’s number one priority will be to keep you at their company so they will stretch their boundaries to try and offer you a better deal.

Number 5 – Use special offers

If you’re trying to save on your auto insurance then you should always be on the look out for special offers. Here are a few examples of special offers you can look for:

• Multi Vehicle Insurance – A % discount for people who wish to insure more than one vehicle
• Driving courses – Taking part in a defensive driving course can give you a big discount
• Student discount – Great discounts are available for students